Credit Ratings

In early 2018, rating agencies upgraded FPC’s credit ratings:

  • Moody’s to an investment grade “Baa3”, with a positive outlook (one notch higher than thesovereign credit rating)
  • Standard & Poor’s to “BBB–”, with the stable outlook changed to negative in March 2018.

Fitch affirmed its “BB+” rating, with a positive outlook.

In December 2018, the Russian national rating agency ACRA affirmed its “AA+(RU)” high credit quality rating for FPC, with a stable outlook.

FPC’s credit ratings as at the end of 2018
Agency Rating Outlook
Moody’s Baa3 positive
Standard & Poor’s ВВB– negative
Fitch ВВ+ positive
ACRA АА+(RU) stable

Events after the reporting date:

  • in February 2019, Moody’s upgraded FPC’s rating to “Baa2” with a stable outlook. FPC’s current rating from Moody’s is one notch higher than the sovereign credit rating.
  • in March 2019, Fitch upgraded FPC’s rating to “BBB–” with a positive outlook.

Consequently, since Q1 2019, the Company has investment grade credit ratings from all three leading global rating agencies.